IamGold posts loss, forecasts lower capex for 2014

Feb 19 (Reuters) - IamGold Corp swung to a
quarterly loss as gold prices fell, and said its capital
spending in 2014 would be 40 percent lower than last year as it
had completed the expansion of a mine in West Africa.

The company earmarked 2014 capital expenditure of about $400
million, saying it had completed the expansion of its Essakane
Mine in Burkina Faso.

IamGold reported a loss of $840.3 million, or $2.23 per
share in the fourth quarter, compared with a profit of $84.6
million, or 22 cents per share, a year earlier.

Revenue fell 38 percent to $247.2 million.

Gold price fell 26 percent to average $1,270.794 per
ounce during October-December from a year earlier.

IamGold also said total attributable proven and probable
gold reserves at the end of 2013 decreased by 11 percent to 10.1
million ounces of gold.